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Rising packaging demand from different end-use industries, increasing federal & governmental policies concerning carbon emissions, advantages such as lowering total manufacturing costs are some of the factors fueling the growth of the Market
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Feb 10, 2022, 11:14 ET
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JERSEY CITY, N.J., Feb. 10, 2022 /PRNewswire/ — Verified Market Research recently published a report, "Industrial Adhesives Market" By Type (Water-based Adhesives, Hot-Melt Adhesives), By Application (Automotive, Packaging Industry), and By Geography. According to Verified Market Research, the Global Industrial Adhesives Market size was valued at USD 47.5 Billion in 2020 and is projected to reach USD 67.6 Billion by 2028, growing at a CAGR of 4.4% from 2021 to 2028.
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Global Industrial Adhesives Market Overview
Rising packaging demand from different end-use industries such as pharmaceuticals, food & beverages, and cosmetics is likely to propel market expansion in forecasted years. Over the next several years, the growth of e-commerce commodity demand, in which packaging is a necessary factor, is expected to drive product demand. Industrial adhesives are a great alternative to mechanical fastening, welding, and other joining methods, and they may help a variety of enterprises achieve a competitive advantage by lowering total manufacturing costs and improving product dependability, performance, and operating life.
The adhesive bonding technique has decreased the time and cost of joining automotive components, as well as the usual weight and gasoline intake, resulting in increased efficiency. Increasing federal & governmental policies concerning carbon emissions are predicted to supplement product application in the automobile industry. The use of adhesives in the construction & woodworking Industry is numerous such as installation of floor tile and continuous flooring, ceramic tile installation, countertop lamination, carpet adhesives, flooring underlayment adhesives, and so on.
However, raw material price volatility is expected to be one of the factors restraining the growth of the Industrial Adhesives Market. The market for industrial adhesives is anticipated to be influenced by crude oil price volatility. Industrial adhesive raw ingredients are made from crude oil derivatives such as vinyl acetate monomer, polyols, tolylene diisocyanate (TDI), and methylene diphenyl diisocyanate (MDI). Crude oil price fluctuations have a negative impact on raw material costs, resulting in high product prices that are expected to restrain market expansion in the coming years.
Key Developments in Industrial Adhesives Market
· In September 2020: Toyochem Co., Ltd., a member of Japan’s Toyo Ink Group, has created a new line of biodegradable pressure-sensitive adhesives (PSAs). The newly created product, which is marketed under the Cyabine™ series of polyurethane PSAs, is suitable for materials used in packaging, construction, agriculture, and other areas where biodegradable or recoverable materials are preferred.
The major players in the market are Toyo Polymer Co. Ltd, Henkel AG & Co., Cytec Industries Inc., Dow Chemical Co, Bayer Product Science (Covestro), DuPont de Nemours, Inc., Adhesive Films Inc, Mitsubishi Chemicals Corporation.
Verified Market Research has segmented the Global Industrial Adhesives Market On the basis of Type, Application, and Geography.
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Leading Self-Adhesive Label Brands outlining chief features for promotional activities
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